相关与非相关多元化经营抑制了实质性创新吗

以沪深A股上市公司为研究样本,通过手工分类上市公司每年各主营业务收入,按照熵指数法测算出独特的相关和非相关多元化经营程度指数。同时,使用知识宽度法测算发明专利质量,以此作为实质性创新的代理变量,分别实证检验企业相关和非相关多元化经营对实质性创新的影响。结果发现,整体层面上看,相关多元化经营程度加深会对企业发明专利质量起促进效应;非相关多元化经营程度与发明专利质量呈倒U型关系,通过计算发现,大部分企业非相关多元化经营程度处于倒U型关系临界值左侧,即发挥促进发明专利质量的作用;异质性检验发现,相关多元化的促进效应和非相关多元化的倒U型关系分别在国有企业表现得更显著。研究对企业选择合适的相关与非相关多元化经营方向和程度,提升企业实质性创新能力具有重要现实指导价值。

Do Related and Unrelated Diversification Inhibit Substantial Innovation

This article uses the listed companies of Shanghai and Shenzhen A-share as the research sample,and classifies the annual main business income of each listed company manually in order to calculate the unique operating degree index of related and unrelated diversification using the entropy index method.At the same time,it uses the knowledge width method to measure the quality of invention patents as the proxy variable of substantial innovation,and empirically tests the impact of related and unrelated diversification on substantive innovation.The research found that,on the whole level,the deepening of related diversification will promote the quality of invention patents; while the degree of diversification is inversely u-shaped with the quality of invention patents.Through calculation,it can be found that the degree of unrelated diversification of most enterprises is on the left side of the critical value of inverted U-shaped relationship,that is,it promotes the quality of invention patents; through the heterogeneity test,it can be found that the promotion effect of related diversification and the inverted U-shaped relationship of non-related diversification are more significant in state-owned enterprises.The research of this paper has important guiding significance for enterprises to choose the appropriate direction and degree of related and non-related diversification to improve their substantive innovation ability.